This monograph provides a review of choice models in marketing from the perspective of a utility maximizing consumer subject to budgetary restrictions. Marketing models of choice have undergone many transformations over the last 20 years, and the advent to hierarchical Bayes models indicate that...

Conjoint choice experiments are used widely in marketing to study consumer preferences amongst alternative products. We develop a class of choice models, belonging to the class of Poisson race models, that describe a random utility which lends itself to a process-based description of choice. The...

We investigate direct and indirect specification of the distribution of consumer willingness-to-pay (WTP) for changes in product attributes in a choice setting. Typically, choice models identify WTP for an attribute as a ratio of the estimated attribute and price coefficients. Previous research...

Models derived from random utility theory represent the workhorse methods to learn about consumer preferences from discrete choice data. However, a large body of literature documents various behavioral patterns that cannot be captured by basic random utility models and require different...